@Peter Ekstrom
The thorium improves the arc, arc striking, and current capacity of the tungsten while decreasing the wear on the electrode points. I think it reduces the work function. (Thorium oxide is used, not the pure metal).
I was told while purchasing pure tungsten rods, that if I was interested in thoriated rods, that I should load up before they are gone.
Edit: Quickly looking at work function values, W is 4.32 to 5.22 eV, while Th is 3.4 eV. Throriated tungsten has a work function of 2.63 eV. So that is a significant improvement.